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#SVML Sovereign Metals LTD – Follow-Up Drilling Initiated North of Kasiya
FOLLOW-UP DRILLING INITIATED NORTH OF KASIYA RESOURCE AREA
· Wide-spaced regional follow-up drilling for the Kasiya Project underway focusing on the region to the north of the current resource footprint, with results from the drill program expected in the coming weeks
· Recently reported reconnaissance drilling to the south identified an 8km extension of mineralisation which remains open along strike and at depth
· Kasiya is already the largest natural rutile deposit and second-largest flake graphite deposit in the world
· Kasiya’s current MRE of 1.8 Billion tonnes at 1.0% rutile and 1.4% graphite comprises broad and contiguous zones of high-grade rutile and graphite that occur across an area of over 201km2
· Optimisation program for the Kasiya Project continues in conjunction with our strategic investor, Rio Tinto
Sovereign Metals Limited (ASX:SVM; AIM:SVML) (the Company or Sovereign) is pleased to report that the Company has initiated a follow-up 400 metre spaced drill program at its tier one Kasiya Rutile-Graphite Project (Kasiya) in Malawi. The program will focus on determining the boundaries and extent of mineralisation north of the known Mineral Resource Estimate (MRE) area.
The 70+ hole hand-auger drill program has been designed to target areas where mineralisation was identified in earlier wide-spaced regional hand-auger drilling. The target area is up to 20km north of the current MRE boundary. Drilling is currently underway and will be completed in the coming weeks. Four hand-auger teams have been deployed under the supervision of Sovereign’s in-country technical team.
Samples will be initially processed in the Company’s Lilongwe own lab facility and then shipped for final analysis at certified international laboratories. Results from the drill program are expected in the coming weeks.
SOUTHERN EXTENSION
In February 2024, the Company announced regional hand-auger drilling south of the Kasiya MRE footprint had identified significant strike extensions of approximately 8km across a number of parallel mineralised zones ranging from 400m to 2km in width.
All newly defined mineralisation in the south remains open at depth due to the limitations of the hand-auger drilling method but are expected to continue to the saprock boundary normally between 20 and 30 vertical metres from surface. The multiple mineralised zones identified remain open along strike both to the north and south.
These results indicate the potential to expand the already significant, high-grade rutile and graphite MRE at Kasiya.
Figure 1: Southern mineralised extensions at Kasiya
ENQUIRIES
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Frank Eagar (South Africa/Malawi) +61(8) 9322 6322 |
Sam Cordin (Perth) |
Sapan Ghai (London)
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Nominated Adviser on AIM and Joint Broker |
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SP Angel Corporate Finance LLP |
+44 20 3470 0470 |
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Ewan Leggat Charlie Bouverat Harry Davies-Ball |
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Joint Brokers |
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Stifel |
+44 20 7710 7600 |
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Varun Talwar |
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Ashton Clanfield |
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Berenberg |
+44 20 3207 7800 |
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Matthew Armitt |
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Jennifer Lee |
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Buchanan |
+ 44 20 7466 5000 |
Competent Person Statement
The information in this announcement that relates to the Exploration Results is extracted from the announcement dated 1 February 2024 entitled ‘Extensions to Rutile & Graphite Mineralisation at Kasiya’. which is available to view at www.sovereignmetals.com.au. Sovereign confirms that a) it is not aware of any new information or data that materially affects the information included in the original announcement; b) all material assumptions included in the original announcement continue to apply and have not materially changed; and c) the form and context in which the relevant Competent Persons’ findings are presented in this announcement have not been materially changed from the original announcement.
The information in this announcement that relates to the Mineral Resource Estimate is extracted from an announcement dated 5 April 2023 entitled ‘Kasiya Indicated Resource Increased by over 80%’ which is available to view at www.sovereignmetals.com.au and is based on, and fairly represents information compiled by Mr Richard Stockwell, a Competent Person, who is a fellow of the Australian Institute of Geoscientists (AIG). Mr Stockwell is a principal of Placer Consulting Pty Ltd, an independent consulting company. The original announcement is available to view on www.sovereignmetals.com.au. Sovereign confirms that a) it is not aware of any new information or data that materially affects the information included in the original announcement; b) all material assumptions included in the original announcement continue to apply and have not materially changed; and c) the form and context in which the relevant Competent Persons’ findings are presented in this announcement have not been materially changed from the original announcement.
The information in this announcement that relates to Production Targets, Ore Reserves, Processing, Infrastructure and Capital Operating Costs, Metallurgy (rutile and graphite) is extracted from an announcement dated 28 September 2023 entitled ‘Kasiya Pre-Feasibility Study Results’ which is available to view at www.sovereignmetals.com.au and is based on, and fairly represents information compiled by . Sovereign confirms that: a) it is not aware of any new information or data that materially affects the information included in the original announcement; b) all material assumptions and technical parameters underpinning the Production Target, and related forecast financial information derived from the Production Target included in the original announcement continue to apply and have not materially changed; and c) the form and context in which the relevant Competent Persons’ findings are presented in this presentation have not been materially modified from the original announcement.
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Ore Reserve for the Kasiya Deposit |
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Classification |
Tonnes |
Rutile Grade |
Contained Rutile |
Graphite Grade (TGC) (%) |
Contained Graphite |
RutEq. Grade* |
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Proved |
– |
– |
– |
– |
– |
– |
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Probable |
538 |
1.03% |
5.5 |
1.66% |
8.9 |
2.00% |
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Total |
538 |
1.03% |
5.5 |
1.66% |
8.9 |
2.00% |
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* RutEq. Formula: Rutile Grade x Recovery (100%) x Rutile Price (US$1,484/t) + Graphite Grade x Recovery (67.5%) x Graphite Price (US$1,290/t) / Rutile Price (US$1,484/t). All assumptions are taken from the PFS ** Any minor summation inconsistencies are due to rounding
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Kasiya Total Indicated + Inferred Mineral Resource Estimate at 0.7% rutile cut-off grade |
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Classification |
Resource |
Rutile Grade |
Contained Rutile |
Graphite Grade (TGC) (%) |
Contained Graphite |
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Indicated |
1,200 |
1.0% |
12.2 |
1.5% |
18.0 |
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Inferred |
609 |
0.9% |
5.7 |
1.1% |
6.5 |
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Total |
1,809 |
1.0% |
17.9 |
1.4% |
24.4 |
Forward Looking Statement
This release may include forward-looking statements, which may be identified by words such as “expects”, “anticipates”, “believes”, “projects”, “plans”, and similar expressions. These forward-looking statements are based on Sovereign’s expectations and beliefs concerning future events. Forward looking statements are necessarily subject to risks, uncertainties and other factors, many of which are outside the control of Sovereign, which could cause actual results to differ materially from such statements. There can be no assurance that forward-looking statements will prove to be correct. Sovereign makes no undertaking to subsequently update or revise the forward-looking statements made in this release, to reflect the circumstances or events after the date of that release.
#FCM First Class Metals PLC – Zigzag-Further Lithium & Critical Metal trend
First Class Metals PLC (“First Class Metals” “FCM” or the “Company”) the UK listed metals exploration company seeking economic metal discoveries across its extensive Canadian Schreiber-Hemlo, Sunbeam and Zigzag land holdings is pleased to announce the results of a mobile metal ion (MMI) soil sampling programme as well as accompanying rock-grab samples on the Company’s Zigzag Property , (the “Property”) located in the Seymour-Falcon corridor in northwestern Ontario, Canada.
Soil samples were collected along six north-north-west to south-south-east soil sample lines between 100-200m in length, with 12.5m sample station spacing (see Map 1). These included four lines along strike to the west and east of the main 400m ‘core zone’ which was subject to the drilling campaign in December 2023. A further two lines starting ~200m orthogonal to the dominant strike and to the south of the trend of the main zone were sampled. All soil samples were analysed using the Mobile Metal Ion (MMI) method of SGS Labs.
The sample results support the belief that the ‘core 400m zone’ is open along strike. As previously reported, both the most eastern and western holes of the recent drilling programme intersected pegmatite. The soil sample results further confirm the mineralisation is open.
HIGHLIGHTS
· The results from 64 rock-grab and 68 soil samples collected late last year are now available.
· Soil sampling lines to the east west of the core section show anomalous lithium (Li) ratios.
· Results from soil lines 200m to the south of the ‘Main zone’ indicate the probability of a second subparallel structure.
· Grab samples anomalous in Li and other pegmatite associated elements indicate a possible third trend.
· Assay results from the recent drill programme are anticipated in the coming days.
Marc J Sale Chief Executive Officer Commented- “The results from this combined sampling programme validate the belief by FCM that the ‘Main Zone’; is open along strike for a considerable distance. Furthermore, the strong evidence of a second structure to the south with the possibility of a third structure compels FCM to engage in discussions with the First Nations to initiate the application for an Exploration Permit to be able to fully evaluate these new zones”.
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Map 1, showing the location of the MMI samples as well as the response ratio (RR) for caesium, (Cs) which overall is the most representative of the anomalism. Note[1]: values are generally considered anomalous when the response ratio is above 5.
RR Response Ratio Highlights from MMI sampling
· Highest lithium (“Li”) response ratio (“RR”) of 11 obtained ~100m along strike to the east of the eastern most DDH from December 2023 (ZIG-23-07).
· Highest caesium (“Cs”) RRs of 15 and 30 obtained at consecutive stations ~100m along strike to the west of the western extent of sampling on the main zone.
· Li RRs up to 10 on the southern lines.
· Multiple MMI anomalies in other elements, especially on the eastern and southern lines, zinc RRs up to 40, silver up to 50, molybdenum up to 51, copper up to 21.
[1] According to SGS Labs, response ratios generally need to be greater than 2-5 to be considered anomalous. https://www.sgs.com/en-ca/-/media/sgscorp/documents/corporate/brochures/sgs-minerals-mmi-tb-23-processing-and-presenting-mmi-geochemical-data.cdn.en-CA.pdf
Grab Samples
· Grab samples of pegmatite at two sites 200-250m across strike to the south of the main zone returned up to: 2600 ppm Li; 4290 ppm Rubidium; 920 ppm Cs (highest value of 2023 sampling); and 686 ppm Tantalum. Sampled dykes could represent offshoots of a parallel zone to the main zone.
· Grab samples of pegmatite ~500m across strike to the south of the eastern extension of the main zone, near the eastern property boundary, returned up to 186 ppm Li; 1240 ppm Rb; 102 ppm Cs, potentially a third structure.
Coleman Robertson, Project Geologist from Emerald Geological Services commented– “There is compelling geochemical evidence to indicate that a second subparallel trend at Zigzag could be present.“
The combined results of both the soil sampling programme and the associated ‘grab’ samples support the belief that the ‘core zone/ Main zone’ that was drilled in December is open to both the west and east.
Furthermore, there is strong geochemical support for a sub parallel trend about 200m to the south of the Main Zone. Additional work is needed to expand and confirm the anomalism identified. As well follow up sampling is required to confirm the presence of a possible third trend currently identified in anomalous rare element results in grab samples.
A significant silver anomaly was identified over the two eastern most MMI lines off the Main Zone. This also requires further investigation.
Ends
For further information, please contact:
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James Knowles, Executive Chairman |
07488 362641 |
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Marc J Sale, CEO |
07711 093532 |
Novum Securities Limited
(Financial Adviser)
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David Coffman/ George Duxberry |
www.novumsecurities.com |
(0)20 7399 9400 |
Qualified Person
The technical disclosures contained in this announcement have been drafted in line with the Canadian Institute of Mining, Metallurgy and Petroleum standards and guidelines and approved by Marc J. Sale, who has more than 30years in the gold exploration industry and is considered a Qualified person owing to his status as a Fellow of the Australian Institute of Mining and Metallurgy.
#KAV Kavango Resources PLC – Ditau: Additional Exploration Holes Logged
Kavango Resources (LSE:KAV), the Southern Africa focussed exploration company, is pleased to announce that it has identified further evidence of a potential wider mineralised system at the Company’s Ditau Project in SW Botswana.
Having confirmed the 470m strike extent of the mineralised Banded Iron Formation (“BIF”) encountered in Hole DITDD004 (announced >>> 31 March 2023), Kavango has completed logging of two historic exploration holes that were drilled in the vicinity of Target i10. Kavango drilled DITDD004 in April 2022 to test Target i10.
Drill core from the two historic exploration holes X077_H002 (“X077”) & X081_H001 (“X081”) both exhibit clear evidence of mineralisation.
X077 is 470m from DITDD004. It was drilled to 189m and intercepted the same mineralised BIF that Dr. Hamid Mumin recently identified as a large-scale system, primarily prospective for possible lode gold mineralisation. The mineralised BIF in X077 remained open at depth and Kavango is considering drilling a twin hole to test this target.
FIGURE 1: End of Hole X077 at 188.93m, pyrite and carbonate both increase at end of hole, suggesting increasing mineralisation, open at depth.
X081 is 3km to the SW of DITDD004 and was drilled to a depth of 144m. The core is highly weathered and contains extensive relict textures after pyrite, and iron oxides in veins. There are clear signs of locally intense hydrothermal activity.
Kavango has sent samples from X077 and X081 for assay testing.
Ben Turney, Chief Executive Officer of Kavango, stated,
“Gaining access to exploration Holes X077 and X081 via the Botswana Geological Institute could prove to be decisive in our Ditau exploration programme.
X077 has already demonstrated the potential strike extent of the thick mineralised Banded Iron Formation we intercepted with our Hole DITDD004 last April.
However, the identification of X081 opens an even more intriguing line of investigation for us. Evidence of intense local hydrothermal activity and the clear presence of iron oxides and sulphides strengthen the possibility of a regional exploration play.
We now look forward to assay results to guide our next steps.“
OVERVIEW
· Two exploration holes were drilled in the vicinity of Kavango’s Target i10 at Ditau. The core from these holes is now the property of the Botswana Geoscience Institute (the “BGI”).
o Hole X077_H002 (“X077”) drilled to 189m & lies 470m NW of DITDD004
o Hole X081_H001 (“X081”) drilled to 144m & lies 3km to the SW of DITDD004
o Holes X077 & X081 were abandoned by the party who drilled them, once it was established the underlying targets were not kimberlites and therefore had no potential for diamonds.
· With the cooperation of the BGI, Kavango has reviewed the drill core from X077 and X081. The Company’s initial findings are:
o X077 encountered the same BIF as DITDD004, with clear visual evidence of mineralisation. This confirms the mineralised BIF is continuous for at least 470m. X077 is open at depth.
FIGURE 2: Mineralised Banded Iron Formation (BIF) identified in Hole X077 appears to represent acontinuation of the same mineralised BIF Kavango intercepted in its Hole DITDD004
o X081 has further clear visual evidence of mineralisation and locally intense hydrothermal activity.
Kavango will now send samples from X077 and X081 for assay testing.
INITIAL REVIEW OF DRILL CORE
The BGI granted a team from Kavango permission to log two previous drillholes (X077 and X081) drilled in the vicinity of Kavango’s Hole DITDD004 in the Ditau Project.
Holes X077 and X081 were drilled with diamond core to depths of 188.93m and 143.93m respectively.
X077 is located 470m NW of DITDD004 and X081 is 3km to the SW and is coincident with a small magnetic anomaly.
DITDD004 contained anomalous gold and copper values, hosted in a Banded Iron Formation (BIF), and has been characterised by Dr. Hamid Mumin [announced >>> 06 March 2023] as a BIF hosted lode gold style of mineralising system, with the possibility for Volcanogenic Massive Sulphides also to be investigated.
Kavango has carried out detailed logging, pXRF determinations, and magnetic susceptibility measurements on X077 and X081. Initial results from this analysis are as follows:
Hole X077
· Extensive brecciated BIF seen, as in Hole DITDD004. This confirms the 470m strike extent of this formation.
· Pyrite observed, plus (at 147m) blebs of chalcopyrite, 15mm in diameter.
FIGURE 3: Extensive pyrite seen in X077, this example is at 155m depth.
· X077 stopped at 188.93m in strong carbonate alteration with pyrite, associated with veining. The degree of alteration was observed to be increasing with depth.
· The mineralising system that has caused this is considered by Kavango to extend beyond the end of the hole. Termination of X077 appears consistent with a company exploring for diamonds as the core was clearly not a kimberlite and appears prospective for metal mineralisation instead.
· X077 confirms that the mineralisation seen in hole DITDD004 is not isolated and is part of a wider system.
Hole X081
· X081 was drilled on a different magnetic target to Target i10.
· X081 is a shallower hole (drilled to 143.93m) and is significantly oxidised.
FIGURE 4: Increasing levels of (now oxidised) sulphides indicated towards the end of Hole X081, which was drilled to 143.93m, with mineralisation open at depth
· It is highly weathered and contains extensive relict textures after pyrite, and iron oxides in veins.
· There are clear signs of locally intense hydrothermal activity.
· Again, the mineralising system in X081 is considered by Kavango to extend beyond the end of the hole. It is unclear whether the mineralising system is related to that seen between Holes DITDD004 and X077. Kavango will investigate this through assay testing of core samples.
· Termination of X081 appears consistent with a company exploring for diamonds as the core was clearly not a kimberlite and appears prospective for metal mineralisation instead.
NEXT STEPS:
· Core cutting is complete and Kavango’s team will send samples from X077 and X081 for assay testing.
· Kavango will in the interim review pXRF and other data in parallel with this to advance its interpretation at Ditau.
· Kavango to share all data and samples with Dr. Mumin in order to upgrade confidence in this exploration model and refine our exploration plan.
Kavango Resources plc
Ben Turney
bturney@kavangoresources.com
First Equity (Broker)
+44 207 374 2212
Jason Robertson
Kavango Competent Person Statement
The technical information contained in this announcement pertaining to geology and exploration have been read and approved by Brett Grist BSc(Hons) FAusIMM (CP). Mr Grist is a Fellow of the Australasian Institute of Mining and Metallurgy with Chartered Professional status. Mr Grist has sufficient experience that is relevant to the exploration programmes and geology of the main styles of mineralisation and deposit types under consideration to act as a Qualified Person as defined in the 2012 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’.